"Coupang's Rogers, Accused of Perjury at National Assembly, to Receive 6.6 Billion Won in Stock Compensation"

Meets performance-based conditions
Set to receive approximately 269,000 shares

Harold Rogers, Interim Representative of Coupang Korea, who is under police investigation on suspicion of perjury at a National Assembly hearing, is set to receive stock compensation worth approximately 6.6 billion won.

Coupang Inc, the parent company of Coupang, disclosed to the U.S. Securities and Exchange Commission (SEC) on the 13th (local time) that Representative Rogers has met the conditions for performance-based stock units (PSUs) and will be granted 269,588 Class A common shares. Representative Rogers, who serves as Coupang's Head of Legal and Chief Administrative Officer (CAO), will receive 21,672 shares granted in March 2022 and 247,916 shares granted in April 2024, respectively.

Rogers Harold, Interim Representative of Coupang Korea. Yonhap News

On the same day, Coupang's closing price on the New York Stock Exchange (NYSE) was 16.98 dollars. Based on this price, the total value of the compensation amounts to 4,577,604 dollars (about 6.58 billion won). The portion granted in 2022 will be fully vested and paid on March 1 next month, and the portion granted in 2024 will be paid in four quarterly installments starting from July 1 this year. However, each payment is conditional on his remaining employed as of the respective vesting date.

If he receives the entire amount, Representative Rogers' total holdings of Coupang shares will increase to 719,157 shares. Coupang has not disclosed the specific performance conditions tied to this stock compensation.

Meanwhile, Representative Rogers was reported to the police by the National Assembly's Science, ICT, Broadcasting and Communications Committee, and the police have booked him on charges of violating the Act on Testimony and Appraisal before the National Assembly and are currently investigating the case. At a National Assembly hearing held on December 30-31 last year, he claimed that Coupang's process of contacting and questioning a suspect in a personal data leak case and retrieving the suspect's laptop was carried out under the instructions of the National Intelligence Service. However, the National Intelligence Service denied this.